Loan Apps vs. Your Wallet: Safeguarding Yourself During Economic Downturns
“An investment in knowledge pays the best interest.” – Benjamin Franklin. Many individuals in Ghana are facing significant financial challenges due to their reliance on digital loan applications. A 2022 study by the Institute of Statistical, Social and Economic Research (ISSER) revealed that over 60% of borrowers using these platforms struggle to repay their loans on time. Digital lenders often impose exorbitant Annual Percentage Rates (APRs) that can exceed legal limits, pushing borrowers into unmanageable debt. With inflation rates exceeding 40% in recent years, understanding responsible borrowing practices has never been more critical. Before you borrow, ask yourself: Is this...
